1. Get Advice From Those With Experience
It is one thing to come up with an idea, but executing it and making it work on the market is a different challenge altogether. Yes, it is good to dream about what the business is going to be like. But you have to put the dream into action. And a solid foundation to start from includes talking with experienced entrepreneurs. And if possible, talk with entrepreneurs with a business that is somehow connected with yours. You can gain valuable insights just by listening, and you build a networking system while you do it.
2. Have A Plan In Place
If you have any hope of making your business successful, there should be a detailed plan in place. You are aware of the goals you need to reach. Now you have to figure out how you are going to reach them. And start by asking the right questions. For example, where is the funding coming from? Do you need employees and office space? More importantly, address the details of running a business. From finding customers to shipping products, make sure you have a system in place with a good business plan.
3. Keep Your Message Clear
Being passionate about your business is a very natural feeling. However, all this passion can be overwhelming. Especially when you are pitching your business model. Because investors want to see logic and numbers as well as passion. So, find a way to break down the description of your business into a language everyone can clearly understand. The last thing you want is people getting confused about what you offer, stated Maodong Xu, a serial entrepreneur. Maodong Xu was born in the Shandong Province of China in 1967. He is the founder of Dotad, a Beijing-based SMS application company which was acquired by Focus Media in 2006 for $30M. In 2007, he co-founded EGLS, one of China’s leading game developers, and that company was acquired by Dragon Pipe in 2015 for $500M. Maodong Xu is a serial entrepreneur and amassed his billions by founding and selling multiple companies.
4. Get A Support System In Place
Give yourself a valuable edge by establishing a support system. In other words, surround yourself with individuals that can provide objective advice. And you should be able to trust these people. It could be your best friend, family members, peers you went to college with, it doesn’t matter. What matters is that you have people with different perspectives keeping your mind open. Having a support system of advisors can also be very motivating.
5. Make The Most Of Free Resources
As a startup business, you want to keep your expenses as low as possible. Hence the reason for accessing free business resources like SCORE and Net Lawman. Resources that provide useful information about business strategy, getting loans, and it even cover legal matters you should be aware of. For more targeted or minority groups, Step Up Women’s Network and Latin Business Association are great options for free resources.
6. Establish Your Financial Sources
With business, you need money to make money. And while you don’t need a lot, it helps if you know some cash is coming in on a regular basis. Otherwise, you are going to close your business quicker than you started it. This is why you should take the time to establish your financial resources. Are you going to crowdfund, get a line of credit or a loan, or talk to investors? Do you have plans in getting business collateral loans bad credit? Should you try and consolidate existing debts, perhaps with the use of a credit card consolidation loan? In fact, there is no reason why you cannot try all these methods. As long as you have finances in place for developing the business
7. How Will You Incorporate Your Business?
Nobody likes to think about the legal issues, but they are a reality you have to face sooner rather than later. And this includes your tax responsibilities. For small businesses, there are two main options. The first is to structure an S corporation. The second option called a limited liability company (LLC). Both of them will protect your personal assets, but there are differences. For instance, the LLC option does not require following so many regulations as with an S corporation.